Credit Suisse Private Bank Expands in Greater China, Appoints John Huang as New Greater China Market Leader
16th June 2021 | Hong Kong
Credit Suisse, the Swiss banking group with more than $1.75 trillion managed assets (CHF 1.59 trillion), continues to expand in Asia and Greater China, appointing Greater China Team Leader John Huang as the new Greater China Market Leader. The announcement by François Monnet, Credit Suisse Head of Private Banking North Asia and Lock Keng Cheong (Lock KC) also includes the appointment of Vanessa Wu, senior relationship manager, as the new Team Leader vacated by John Huang. Effective immediately, both John Huang and Vanessa Wu will report to Lock KC, Credit Suisse Market Group Head, Private Banking Greater China Singapore.
Credit Suisse Private Bank has been making numerous key leadership appointments recently, growing from within including appointing Lock Keng Cheong (Lock KC) as the new Market Group Head Greater China in Singapore, Dominique Boer as the new Market Group Head Singapore and Alois Müller, Credit Suisse’s Head of Global Private Equity, has taken on the additional newly created role as Head of Private & Alternative Markets Asia-Pacific. (HNW ~ high net worth, UHNW ~ ultra high net worth)
” Credit Suisse Private Bank Expands in Greater China, Appoints John Huang as New Greater China Market Leader “
John Huang, Credit Suisse New Greater China Market Leader
John Huang, the new Greater China Market Leader, has more than 20 years of experience and was the former CEO of Cathay United Bank, Private Banking Taipei between 2012 to 2018 and rejoined Credit Suisse in 2018.
John had joined Credit Suisse in 2010 and designed Credit Suisse’s onshore operational model, processes and platform, before leaving to join Cathay United Bank in 2012. John Huang had started his wealth management career at UBS. In his early career, John was a consultant at McKinsey, one of the world’s leading management consulting firm.
Vanessa Wu, New Greater China Team Leader
Vanessa Wu had joined Credit Suisse in 2015 from UBS. She has extensive experience in both private banking and investment banking and more than 20 years of experience.
At UBS in Taiwan, Vanessa had focused on UHNW client solutions and led the securities platform business.
Credit Suisse Head of Private Banking North Asia Francois Monnet
“We are proud to keep on expanding our Greater China private banking activities with these appointments. Both John and Vanessa are seasoned bankers with extensive market experience and knowledge of the ultra-high net worth segment.
We will continue to grow and invest in this key market, which is of strategic importance to the bank.”
China, $14.3 trillion Economy
China is the fastest growing economy in the world and home to the fastest growing companies, billionaires, UHNWs & HNWs. China is the 2nd largest economy in the world with GDP of $14.3 trillion in 2020, representing 16.34% of global GDP ($87.7 trillion). China also has the largest population in the world with 1.39 billion, representing 18.21% of global population (7.67 billion).
China also have 3 of the world’s largest stock exchange – Shanghai Stock Exchange, Hong Kong Exchange and Shenzhen Stock Exchange. In the 2021 Global Financial Centres Index 29 Report, 4 of China’s cities are in the top 10 ranking – Shanghai, Hong Kong, Beijing, Shenzhen.
Credit Suisse, $1.75 Trillion AUM
In 2021 Q1, Credit Suisse reported total AUM of $1.75 trillion (CHF 1.59 trillion). Credit Suisse has 3 main business groups: Swiss Universal Bank, International Wealth Management (Private Banking) and Asia Pacific. The 3 business groups are supported by Credit Suisse Investment Bank. (AUM ~ Assets under Management)
For Asia Pacific, Credit Suisse reported CHF 241.9 billion AUM with 630 Relationship Managers in 2021 Q1.
Credit Suisse Assets under Management (AUM):
- Swiss Universal Bank – Private Clients: CHF 213.1 billion
- Swiss Universal Bank – Corporate & Institutions: CHF 487 billion
- International Wealth Management – Private Bank: CHF 386.2 billion
- International Wealth Management – Asset Management: CHF 458 billion
- Asia Pacific: CHF 241.9 billion
- Total: CHF 1.59 trillion / $1.75 trillion
(Net CHF 1.59 trillion AUM after reducing CHF 190.2 billion from assets managed by Credit Suisse Asset Management within International Wealth Management)
Credit Suisse Growing Fast in Asia
Credit Suisse continues to grow in Asia, and focusing on accelerating growth in North Asia including China. In Q1 2021, Credit Suisse hired 30 Private Bankers in Asia-Pacific.
Credit Suisse APAC reporting highlights for 1Q 2021:
- CS APAC delivered record net revenue and adjusted pre-tax income (PTI
- APAC regional revenue +39% YoY and 20% of Group revenue
- Client Business Volume at $419 billion
- APAC division pre-tax income more than doubled YOY
- Net New Assets $5.4 billion in 2021 Q1
Credit Suisse:
- Credit Suisse Private Bank Appoints Tammy Tan as Team Leader for Thailand & Vietnam
- Credit Suisse Appoints Alois Müller as Head of Private & Alternative Markets APAC, Target $7.8 Billion Assets Yearly
- Credit Suisse Appoints Lock Keng Cheong as Market Group Head Greater China, Adds 6 Private Bankers & Advisors
- Credit Suisse Appoints Dominique Boer as Market Group Head Singapore, Adds 7 Private Bankers & Advisors
- Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
- Credit Suisse Raises $1.92 Billion in Capital, $5.5 billion Losses from Archegos Family Office
- Credit Suisse and Nomura in $6 Billion Hit by Bill Hwang Archegos Family Office
- Credit Suisse Global Wealth Report 2020
Private Markets:
- Hong Kong Private Equity Funds to Have 0% Tax for Carried Interest
- Mercer: White Paper on Optimizing Portfolio in Private Markets for LPs in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- UBS and Partners Group to Give UBS Clients Access to Private Markets Investments
- Citi Private Bank Forms Citi Private Capital Group to Provide Institutional Service to Family Offices, Private Funds and Private Companies
- World’s Leading $96 Billion Private Equity Firm Ardian Raises $19 Billion from Global Investors
More:
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland.
Credit Suisse employs approximately 49,090 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.
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